Global Veterinary Healthcare Market 2015
Deerfield Beach, FL -- (SBWIRE) -- 08/20/2015 -- The Global Veterinary Healthcare Market is estimated to be $22.6 billion in 2014 and is poised to reach $40.8 billion by 2022, growing at a CAGR of 7.66% from 2014 to 2022. Some of the key factors driving the market growth are rising incidence of diseases (food-borne and zoonotic) in animals which consequently transfer to human beings by consumption of meat, increase in pet ownership, food safety and improved nutrition.
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Whereas factors such as restrictions imposed by regulatory bodies against the excess use of antibiotics in production animals, protest of activists against the animal research and increasing cost of animal testing are hampering the market growth. Decrease in the Veterinary population is the major challenge in the Veterinary healthcare Market. Feed additives product segment is expected to grow with the highest CAGR in the Veterinary healthcare Market during the forecast period.
The Global Veterinary Healthcare Market is segmented based on animal type, product and geography. By animal type, the veterinary healthcare market is categorized into Farm animals and Companion animals. The Farm Animal segment is further classified into Cattle, Swine, Fish, Sheep and Poultry. The Companion animals segment comprise of Dogs, Cats and Horses. Based on product type, the market is segmented into Vaccines, Feed Additives and Pharmaceuticals. Feed additives is further segmented into Nutritional Feed Additives and Medicinal Feed Additives. By geography, the veterinary healthcare market is segmented into North America, Europe, Asia Pacific and Rest of the World. There were many mergers, joint ventures and acquisitions that took place in the recent years. North America leads the Veterinary Healthcare Market followed by Europe and then Asia-Pacific. However, Asia-Pacific will witness the highest growth in the coming years strongly driven by the growing population and increasing rate of pet adoption.
Some of the key players in Veterinary Healthcare Market include Zoetis, Merck, Merial, Bayer, Elanco, Ceva, Virbac, Boehringer Ingelheim and Novartis.
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